Is Idaho Central Credit Union An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Idaho Central Credit Union with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.12%)
Loan Related Closing Costs: similar to average (-$47)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Idaho Central Credit Union originated 5265 mortgages, a national market share of 0.1%. It was most active in ID (9.8% market share), WY (0.0% market share), and UT (0.0% market share).

On average, Idaho Central Credit Union’s interest rates were lower than those of comparable mortgages at other lenders (-0.12%).1The comparable mortgages control for Idaho Central Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4477, which was similar to those of comparable mortgages at $4524, with a difference of -$47. Overall, we estimate that Idaho Central Credit Union tends to be an cheap lender, with a cost-adjusted-rate difference of -0.14% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Idaho Central Credit Union.

Idaho Central Credit Union originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Idaho Central Credit Union compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference -0.10% -0.14% +0.07% -0.05% -0.17%
Loan related Closing Cost Difference +$166 +$225 +$377 +$193 -$381
Cost Adjusted Rate Difference -0.09% -0.13% +0.08% -0.03% -0.21%

Based on the table above, Idaho Central Credit Union is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for USDA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.

Mortgage Refinancing from Idaho Central Credit Union compared to other lenders

Conforming
Interest Rate Difference -0.19%
Loan Related Closing Cost Difference -$696
Cost Adjusted Rate Difference -0.30%

Based on the table above, Idaho Central Credit Union is cheap for Conforming mortgage refinance.

Other information about Idaho Central Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: CHUBBUCK, ID, 83202
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Footnotes   [ + ]

1. The comparable mortgages control for Idaho Central Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.